At today's Cabinet meeting, Premier Mao Chi-kuo affirmed the Financial Supervisory Commission's (FSC) plan for transforming Taiwan into an Asia-Pacific financial management center to attract wealthy investors from around the region.
"Considering the economic rise of the Asia-Pacific region, we should make use of Taiwan's convenient location at the heart of the region and offer the advantages of our high-quality financial services," said Mao.
He instructed the FSC to continue promoting liberalization measures while being careful to balance financial stability and consumer interests. The goal is to turn Taiwan into a regional financial management center as soon as possible.
The FSC's efforts to deregulate offshore financing regimes have also given Taiwan's financial sector more room for growth, Mao pointed out. According to the FSC, offshore banking units and offshore securities units are expected to bring in up to NT$90 billion (US$2.86 billion) and NT$560 million (US$17.78 million) respectively in pre-tax revenues this year. Offshore insurance units are also projected to enjoy an increase of NT$5 billion (US$158.73 million) in premium income in the first year of operation.
In addition, the FSC's plan is expected to help expand the financial market, cultivate professional talent and create employment opportunities.